Cathy Wood may be the most expensive lesson retail investors have ever paid. Her flagship ARK Innovation ETF has fallen 23% in the past 5 years, while the S&P 500 index has risen 77% during the same period. She is 100 percentage points behind the index performance. And she achieved this while collecting billions of dollars in management fees. Quickly review her 'highlight moments': She predicts that Tesla's stock price will reach $3000 by 2025. Currently, it is 432 US dollars. She predicts that Tesla's revenue will reach $234 billion to $367 billion by 2025. The actual number is less than 100 billion US dollars. She held Teladoc as her largest position when the stock price was around $80. The trading price today is $7. She bought heavily when Zoom's stock price approached $300. The current trading price is 110 US dollars. She almost emptied her entire NVIDIA holdings at a price of about $20 per share in January 2023. Nvidia is now at $220, which means she sold before the greatest stock of this generation is about to grow tenfold. Morningstar has officially labeled the ARK fund family as a "value disruptor," stating that her fund lost approximately $14 billion in shareholder value from 2014 to 2024. But there is an unspoken part here: ARK Investment Management is one of the most profitable asset management companies in the past decade. Wood personally earned tens of millions of dollars through expenses, while her investors collectively lost real money. This is the most incomprehensible part for retail investors on Wall Street. What you are paying for is not performance, but marketing. The winner is the person who operates the fund, not the person who holds the fund. This Friday, May 15th, every fund managing assets exceeding $100 million must legally disclose its trading for the first quarter of 2026 to the SEC. We will analyze each major filing document one by one here, at the moment they are published.